Every society faces economic trade-offs. This means
A) not everyone can have enough goods to survive.
B) some people live better than others do.
C) society's output cannot be made available to all.
D) producing more of one good means less of another good can be produced.
D
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Including discouraged workers in the calculation of the unemployment rate would
A) not change the reported rate. B) increase the reported rate. C) change the reported rate, but in an unpredictable manner. D) lower the reported rate.
A company is considering the purchase or the rental of a new machine. An increase in the interest rate
A) increases the likelihood the company will buy the machine. B) increases the likelihood the company will rent the machine. C) has no effect on the likelihood that the company will buy the machine. D) has no effect on the likelihood that the company will rent the machine.
A firm producing compact discs reports the following production information:
# of Workers Total Product (boxes of CDs per hour) 0 0 1 125 2 225 3 305 4 365 5 405 6 425 The compact discs sell in a competitive market at a price of $0.20 per box. The firm hires workers in a competitive labor market at a wage of $12 per hour. The firm is currently hiring four workers and is considering hiring a fifth worker. What would you recommend the firm do? Why?
Based on Scenario 6.1 above, if a tariff of 20 percent is placed on imports of dining room tables, the effective rate of protection is
A) 20 percent. B) 25 percent. C) 30 percent. D) 40 percent. E) There is not enough information to tell.